1. In a large, wide, heavy saucepan over high heat, combine clams and wine. Cover and cook until clams open, about 5 minutes.

2. Using a slotted spoon, transfer clams to a bowl, discarding any that did not open. Strain the cooking liquid through a sieve lined with damp cheesecloth placed over a large bowl. Remove clams from shells; chop coarsely, capturing and straining any of the juices. Measure the cooking liquid, and add enough clam juice to measure 5 cups.

3. In a large saucepan over medium-low heat, warm the oil. Add bacon and onions; cook, stirring occasionally, until softened, about 10 minutes.

4. Raise heat to high. Add reserved liquid, and bring to a boil. Add potatoes, then reduce heat to low; cook, uncovered, until the potatoes are almost completely cooked but still slightly firm, 10 to 15 minutes.

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5. Add clams; simmer until heated through, about 4 minutes. Add cream, then season with black pepper and cayenne. Swirl in butter.

6. Ladle the chowder into warmed bowls, garnish with parsley and serve.